Flybits Inc has secured $6.5 million in a Series B financing, bringing its total funding so far to $14 million. Canadian venture capital firm Information Venture Partners led the round and was joined by Portag3 Ventures, Robert Bosch Venture Capital and Trellis Capital. As a result, Information VP’s Robert Antoniades and David Unsworth will join the board. Toronto-based Flybits is a context-as-a-service company that helps enterprises to leverage data intelligence with minimal complexity. Founded in 2013 by CEO Hossein Rahnama, it will use the funds raised for U.S. and European sales, reinforcing its global presence, and growing product and engineering teams.
Photo: Hossein Rahnama, founder and CEO of Flybits Inc.
PRESS RELEASE
Flybits Raises $6.5M Series B Round Led by Information Venture Partners
Top Investors Bet on Flybits as The Leader in Context-as-a-Service
TORONTO, July 18, 2017 /CNW/ – Flybits, Inc., a context-as-a-service company that enables enterprises to leverage data intelligence with minimal complexity, today announced that it has raised $6.5 million in Series B funding. Information Venture Partners led the round, together with new investor Portag3 Ventures LP and existing investors Robert Bosch Venture Capital and Trellis Capital. Robert Antoniades and David Unsworth, Co-Founders and General Partners at Information Venture Partners, will join Flybits’ board of directors.
Flybits has raised a total of $14 million in funding since launching in 2013 and has experienced sizeable month-over-month growth this year. Today’s announcement comes soon after the conclusion of a number of new global partnerships and the release of Flybits’ new Experience Studio, an intuitive visual interface that hides the complexity of semantic computing so that enterprises can deliver highly personalized customer experiences.
“This funding will allow us to ramp up our sales efforts in the United States and Europe, reinforce our existing global presence and expand our product and engineering teams to strengthen Flybits’ unique machine learning capabilities,” said Dr. Hossein Rahnama, Founder and CEO of Flybits. “Our product focus now is simplifying how our customers leverage their data ecosystem and drive customer engagement.”
“We are excited by the prospects for Flybits,” said Robert Antoniades, Co-Founder and General Partner at Information Venture Partners. “Financial institutions, and other enterprises, today are sitting on troves of customer data siloed throughout their organizations. Flybits has identified a unique opportunity to give them the ability to make sense of these disparate sources of information and leverage machine intelligence to engage customers in an innovative and unique fashion.”
Flybits makes it easy for enterprises to harness the complexities of context so that they can become their customers’ lifestyle concierge – giving them what they need, when and where they need it.
About Flybits
Flybits is a context-as-a-service company that hides the complexity of data intelligence and contextualization, enabling enterprises to create and deliver highly personalized customer experiences that drive digital engagement. For more information, visit www.flybits.com and follow us at @flybitsinc.
About Information Venture Partners
Information Venture Partners (IVP) is a Toronto-based venture capital group investing out of its $106 million second fund. IVP is focused on fast-growing enterprise FinTech and enterprise software companies based in North America. As an early stage investor, IVP looks for rapidly growing companies with differentiated technology solutions addressing significant market opportunities. Portfolio companies include Adaptive Insights, Verafin, Igloo Software, eSentire, PostBeyond, Q4, Sensibill and now Flybits. Follow IVP on the web at www.informationvp.com or on Twitter @informationvp.
About Portag3 Ventures
Portag3 Ventures is an early-stage investor dedicated to backing innovating financial services companies working to benefit all consumers. Exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., Portag3 gives new ideas a unique environment to grow. Portag3 makes longer-term commitments, and combined with its industry intelligence is an ideal partner for the ambitious and creative entrepreneur.
For further information: Media Contact: Portia Tudhope, 1-844-FLYBITS, info@flybits.com
Photo courtesy of Ryerson University